Today’s complex digital landscape has made it all the more challenging for SMEs to effectively capture attention, be heard and earn trust. Between content marketing, social media, influencer marketing and ad spend, the rapidly changing pace of the internet marketing industry is making it a complex platform for small-business leaders to get right.
Here are some top lessons on how to make that journey from start-up to successful SME through leads.
1. Know exactly how much you can spend to acquire a lead
This is hands-down the fastest way to scale an SME. We’ve invested millions of dollars on paid advertising and ad spend across our client portfolio, but this kind of spending isn’t possible without an understanding and knowledge of exactly how much you can spend per lead or sale.
Too many businesses have unrealistic expectations surrounding what they want to invest, versus how much they caninvest to acquire a sale. The numbers don’t lie. Once you understand the math, the guesswork is removed.
2. Lead generation is only one piece of the puzzle
Focus equal, if not more attention on increasing your lead to sales conversion. By doubling your sales conversion, you could effectively halve the number of required leads. Many SMEs spend a disproportionate amount of time seeking new leads rather than increasing their ability to close the leads they already have in the pipeline. Using paid advertising to enhance the unique and bespoke customer journey sequence can drastically increase conversions.
3. Competitions and giveaways are gold if executed correctly
A recent campaign we executed for a client generated more than 10K leads and $60K in sales in 24 hours. The secret to creating a competition that results in effective and efficient ROI is giving away the six-star version of the product you’re trying to sell on the backend.
For example, if you’re a travel agent whose core goal is to book holidays, don’t just give away a holiday to attract prospects. Give away a holiday for an entire family, a girls weekend away or couples retreat. Include private pick-up by limo and throw in a champagne breakfast. The key is to make it a compelling, share-worthy experience that aligns with your product offering.
4. You must know thy customer and the journey they are on
That’s basically two-in-one: Know thy customer. Know thy customer journey. In order for your prospects to take the next step, you must understand what motivates them to take action.
By understanding where they are in your buying cycle, at the micro and macro levels, you can effectively enter the conversation that’s about to happen in their mind. When you master this, your business will never be the same again.
5. Create compelling offers that will be of interest to your prospects
I often get asked, “What’s the best type of lead magnet or opt-in (aka compelling offer) that I can use to grow my database?” Answer: The type that interests your prospects most and compels them to take action.
Take your pick:
The problem then becomes, what compelling offer type do I select? Answer: Multiple. Test as many as you can and see what works.
Brett Campbell, Co-Founder & Chief Evangelist, Claxon